Buy above 100.70. Stop loss at 99.00. Take profit at 102.70.
Reason for the trading strategy (technically) :
USDJPY remains above major support at 100.70 (horizontal support, Fibonacci projection, long term Fibonacci retracement) where we expect a bounce from to at least 102.70 which is our next major resistance (overlap resistance, Fibonacci retracement).
RSI (21) is above our long term ascending support line and displays bullish divergence vs price signaling a bullish move is in progress.
Reason for the trading strategy (fundamentally) :
The major news event for USD is the Consumer Price Index. A higher value would strengthen the USD. We’ve been seeing a steady rise in CPI since the start of the year and we expect the same which means we are expecting a bullish USD. This goes in line with our bullish USDJPY view.
Reason for the trading strategy (technically) :
USDJPY remains above major support at 100.70 (horizontal support, Fibonacci projection, long term Fibonacci retracement) where we expect a bounce from to at least 102.70 which is our next major resistance (overlap resistance, Fibonacci retracement).
RSI (21) is above our long term ascending support line and displays bullish divergence vs price signaling a bullish move is in progress.
Reason for the trading strategy (fundamentally) :
The major news event for USD is the Consumer Price Index. A higher value would strengthen the USD. We’ve been seeing a steady rise in CPI since the start of the year and we expect the same which means we are expecting a bullish USD. This goes in line with our bullish USDJPY view.
USDJPY remains above major support, keep our bullish view
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